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Hello, I am interested to create a scan based on option volume. I want to check for volume greater than open interest. I can't seem to figure out how to do this. Is there a document better than the TOS guide that I can read?

Hello, I am interested to create a scan based on option volume. I want to check for volume greater than open interest. I can't seem to figure out how to do this. Is there a document better than the TOS guide that I can read?

Biniam, it's been years since I traded options and I can't get the scanner to work for me on that but I can get you closer to an answer... "#plot myparam" is NOT active here- just remove the "#" to make it active and put a "#" to left of "AssignPriceColor" to make that inactive for scanner purposes. In the scanner, set "myparam" to "IS TRUE". The code below, as is, will at least give you a green bar on your options chart when Volume is greater than Open_Interest. I know you prefer to scan for a list but this is a start.

Biniam, this may be easier than I thought. TOS can do it for you- no coding required. Open the scanner, set for options, narrow the price range to what you want, then edit the default (usually ADX) and cancel it, then load Volume GREATER THAN Open Interest and then scan. Worked for me. I gotta go but maybe tonite or Sunday I'll give more detailed info on the panels and settings to use.

that 0 OI and 200 Vol is the scan i run first thing in the morning. I'm a trade-alert member, so I follow the options orders there for the most part, but this scan has scored me some awesome trades. Some of the stuff youll find in such a simple scan, don't even make their way to the trade-alert feed

As the day goes on, I slowly start raising the numbers; playing with them really..always with volume at least 200 greater than O.i.

Hope that helps anyone on the thread earlier or anyone just reading the section who stumbles across it.